$105M Deal: Verano To Acquire Cannabist Co.’s Operations In Virginia And Arizona
Verano Holdings Corp. (OTCQX:VRNOF) announced Monday that it wiil acquire significant assets from The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTC:CBSTF) (FSE: 3LP). The acquisition, strategic to expanding its national footprint, includes one of Cannabist’s Virginia licenses, along with associated operations including all of Arizona operations.
Expanding Operations In Virginia And Arizona
The acquisition in Virginia encompasses a cultivation and production facility plus six dispensaries, positioning Verano as the exclusive cannabis operator for Health Service Area 5, which includes populated areas like Virginia Beach and Norfolk. The deal is poised at $90 million, with payment structured as $20 million cash, $40 million in Class A subordinate voting shares and a $30 million promissory note.
Meanwhile, Verano will add one cultivation facility, one production facility and two dispensaries in Arizona, boosting its total cultivation space in the state to 90,000 square feet. This expansion, costing $15 …